The news comes just days after President Mauricio Macri suffered a resounding defeat in nationwide primaries, signalling a loss of public confidence in his IMF-backed austerity measures with just months to go before a crucial election in October.

Macri polled just 32 percent of the total votes cast compared to Peronist candidate Alberto Fernández's 47 percent, leaving the Frente de Todos leader as the overwhelming favourite in the race.

In the wake of the loss to the opposition presidential candidate, the peso has plunged against the dollar, further weakening purchasing power for Argentines.

Having closed at 46.55 per greenback on Friday, as markets anticipated a good performance by Macri and his Juntos por el Cambio coalition, the peso soared above 60, before rebounding slightly to 57.89 pesos per dollar.

That means Argentina's national currency has now lost more than a quarter of its value over four days of trading.

Argentina is currently in a recession, with poverty now afflicting 32 percent of the population, according to data from INDEC.